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Chicago IL Market Statistics Update - January 12, 2009
Good Morning!
Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, January 11, 2009 - 
Active Listing Inventory showed a very slight increase this past week, as some sellers whose listings expired at the end of 2008 re-listed them very shortly after the holidays.  Expired Listings fell to more normal levels this past week, and, although sample numbers are small, Properties Pending Sale should a healthy increase.  
While Average Market Time stayed practically unchanged from last week, Average Sales Price and Total Dollar Volume tumbled - unsure if this will be a lasting trend in 2009 in the Chicago North and Northwest Side Neighborhoods we serve most frequently. 
Absorption Rate, including theoretical time to clear existing listing inventory, jumped significantly - 1.4% - within the past week. There is now a very high 19.4 months of inventory in our prime Chicago service area.
The Percentage of Sale Within Six Month (180 Days) fell this past week - just under 40% of listings we monitor here closely sell in a normal six-month marketing time frame.
Here are archived annual Chicago Neighborhood Statistics, including Units Sold and Price Trends Data, for 1992 through 2007, courtesy of The Chicago Association of Realtors.  Updated 2008 stats will be available before the end ... more

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